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Income tax audit limit

Vijay (a) (26 Points)

05 February 2012

Can any one tell that is there any change in tax audit limit from 60 lakhs to Rs. 1 crore for any assessment year ?

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12 Replies

Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 05 February 2012

As of now the limit is of 60lacs for busiess & 15 lacs for profession. no oter limit is there.

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Basavaraj (B.Com FCA) (193 Points)
Replied 10 February 2012

Yes. I agree with Giridhar

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renuka (BaaN ERP Functional Analyst student- icai final) (73 Points)
Replied 12 February 2012

Hi all,

Can anyone tell me wat is the limit for marketing expense in tax audit?

regards

renuka

Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 12 February 2012

No limit is specified However if the cae comes for scrutiny the AO may make a query against the expenditure incurred & you will satisfy about the genuiness of the expenditure

renuka (BaaN ERP Functional Analyst student- icai final) (73 Points)
Replied 12 February 2012

Thanks Giridhar.. Also can you tell me when the fixed assets is purchased below Rs 5000. Whether it treated as fixed assets . If yes, we need to provide 100% depreciation for that ?

Please clarify it.

regards

renuka

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Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 12 February 2012

yes under the co's act itshould be trated as an asset & it should be written off 100%.

renuka (BaaN ERP Functional Analyst student- icai final) (73 Points)
Replied 12 February 2012

Ok thanks sir.. then wat about the material of glass articles , aluminium water bottle, Microwave oven and fridges comes under which category of fixed assets ?

regards

renuka..

Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 13 February 2012

Microwave & Fridge would come under the head Electrical Equipments. Other articles specified wud not be assets. They shud be written off to P&L account under office expenses.

renuka (BaaN ERP Functional Analyst student- icai final) (73 Points)
Replied 17 February 2012

Hi all,

Please explain what is chart of accounts, which chart of accounts is used for software companies.

regards

renuka.

Gkumar (project manager) (72 Points)
Replied 30 July 2012

what is tax audit limit?

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Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 30 July 2012

Tax Audit is an audit required to be conducted under hte Income-Tax Act if the turnover crosses the specified limit during the previous year. Presently the limit from F.Y. 2012-13 is Rs 1Crore whihc means that if the turnover of the organization crosses the 1cr mark during the previous F.Y. then the assessee is requried to get it's books of accounts audited under the Income-Tax Act on or before 30th September of the Asst Year.

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